17 June 2009
Property Holdings is proposing a plan for owners of States long-leasehold homes to convert them to flying freehold.
The Department has responsibility for a number of 99 year leases, particularly at Quennevais Park and Clos des Sables, and has been contacted by residents who have faced difficulties in selling their flats, because of the diminishing period of the lease. A number of residents have said they would like to convert their leaseholds to a flying freehold.
The Department has been working on a proposal for some time that would give leaseholders the chance to convert to flying freehold, but which would also allow those who wish to remain under their leases to do so. There will be no pressure for residents to change if they do not wish to.
The Department has arranged a meeting with a small number of residents from part of the Clos des Sables estate to explain the proposal and to gain initial feedback. Depending upon their feedback, further meetings will be held to finalise the details of any proposals.
The flats in question have been selected because they appear relatively simple from a conveyancing perspective i.e. the land and boundaries are easy to define. Other estates are much larger and will need further consideration.
Provided this initial proposal is well received, it is the intention to offer the same option to all holders of 99 year leases, using a phased approach tailored to each estate and to the views of the residents of each estate.
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